The global credit crisis may cast a shadow over the greenfield projects of Hindalco Industries, the flagship company of the Aditya Birla group, as the aluminium maker is yet to conclude its debt-raising programme. The prolonged fund-raising plan is expected to delay some of the greenfield projects of the company, said informed sources.
“As Hindalco is planning to club the debt tie-up for this project with its other greenfield projects, negotiations with the banks may end up protracted, especially given the global credit scare,” said the report and it added that the management also felt that funding is a relatively "big risk" for the project than any other factors.
The global meltdown in commodity prices has put capex plans of over Rs 2 lakh crore by Indian steel and aluminium companies in jeopardy. Some big-ticket projects that were originally scheduled to go stream by 2012 are being pushed by two years.
Hindalco intends to fund its Utkal project through a debt-equity mix of 70:30. Of the equity contribution of Rs1,600 crore, the company has already infused Rs 750 crore until last December. The company has already made a commitment for additional Rs 3,000 crore, according to Hindalco website.
A spokesperson for Hindalco said, “There was a little delay in getting regulatory approvals and the projects are progressing as per schedule."
Hindalco’s other greenfield projects in the pipeline include Mahan Aluminium, Aditya Smelter & CPP, Aditya Refinery & Mines and Jharkhand Aluminium. The company executive has not disclosed the debt-raising programme of the new projects. The first metal from the Mahan smelter is expected by July 2011. Aditya Refinery is proposed to be mechanically completed by January 2013. The Jharkhand project is expected to be completed by June 2012. January 2011 is the targeted date for the mechanical completion of the Utkal plant and the first alumina is expected to be produced by July 2011.
Sunday, February 15, 2009
Bartronics to set up 2000 kiosks
Hyderabad-based Bartronics India Limited has bagged Aapke Dwar, a project of Delhi Municipal Corporation to set up 2,000 G2C kiosks in the municipal limits of the national capital. The project, to be operated on a built-operate-transfer model, is for a period of nine years.
Bartronics is a provider of automatic identification and data capture (AIDC) and radio frequency identification (RFID) solutions.
The company estimates that the revenues from the project would be in excess of Rs 5,000 crore over the nine-year period considering the existing revenue models. It is expected that the kiosk infrastructure will be used to generate further revenue through other innovative means, a company release said on Sunday.
Besides transactional revenue, Bartronics also gets the rights to the advertisement revenues that would emanate due to the physical location of the kiosks and leveraging the network of kiosks.
The company estimates the project to generate a minimum of 6,000 jobs to the local populace. In addition, the Delhi Municipal Corporation will be paid a portion of the revenues as an annual licence fees towards use of the 2,000 selected sites, the release said.
Jet fuel price cut again
Today's price cut comes after most leading airlines more than doubled their lowest fares last week citing low passenger loads, leading to an investigation by the Monopolies and Restrictive Trade Practices Commission (MRTPC).
ATF prices in Delhi were slashed to Rs 29,158 per kilolitre, effective midnight tonight, an official of Indian Oil, the nation's largest fuel retailer, said.
The fuel used by airlines till today was priced at Rs 30,288 per kl. After today's Rs 1,130 a kl reduction, jet fuel prices stand at early 2005 levels.
For the 3.3 per cent increase in rates on January 16, jet fuel prices have been reduced for the tenth time today since September 1, 2008, when international crude oil prices started to decline.
In Mumbai, home to the nation's busiest airport, ATF rates were down by Rs 1,191 per kl to Rs 29,985 per kl today.
ATF prices had peaked to Rs 71,028.26 per kl (in Delhi) in August on international crude prices touching historic high of $147 a barrel. But they have since been slashed every month till October and twice in November.
State-run Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum revise ATF rates on the 1st and 16th of every month based on the average international jet fuel rates in the preceding fortnight.
ATF prices in Delhi were slashed to Rs 29,158 per kilolitre, effective midnight tonight, an official of Indian Oil, the nation's largest fuel retailer, said.
The fuel used by airlines till today was priced at Rs 30,288 per kl. After today's Rs 1,130 a kl reduction, jet fuel prices stand at early 2005 levels.
For the 3.3 per cent increase in rates on January 16, jet fuel prices have been reduced for the tenth time today since September 1, 2008, when international crude oil prices started to decline.
In Mumbai, home to the nation's busiest airport, ATF rates were down by Rs 1,191 per kl to Rs 29,985 per kl today.
ATF prices had peaked to Rs 71,028.26 per kl (in Delhi) in August on international crude prices touching historic high of $147 a barrel. But they have since been slashed every month till October and twice in November.
State-run Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum revise ATF rates on the 1st and 16th of every month based on the average international jet fuel rates in the preceding fortnight.
Govt May Peg Fiscal Deficit at 5% to Battle Slowdown
The interim Budget, to be presented by External Affairs Minister Pranab Mukherjee who is currently holding the charge of Finance Ministry, is also likely to announce short-term measures for exporters reeling under the impact of a global slowdown.
The government in the last Budget has fixed the fiscal deficit for the current fiscal at 2.5 per cent of GDP, which is likely to be raised to 5 per cent for the next fiscal, primarily on account of higher allocations towards the government's flagship schemes like the Bharat Nirman and the National Rural Employment Guarantee Scheme.
To provide focus on urban infrastructure, the government may expand the ambit of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) to include more districts. At present, the scheme is operational in about 60 mission cities.
The other focus of the Budget is likely to be on rural development which may witness allocations going up to more than Rs 55,000 crore from Rs 39,000 crore, an increase of over 40 per cent.
With the government announcing two stimulus packages and revenues not forthcoming due to slowdown, the fiscal deficit has already crossed four per cent till December and may be revised to over six per cent of GDP for this fiscal, going by the indications.
The interim Budget may also provide a token allocation of Rs 100 crore for kick starting the Unique Identification (UID) scheme to provide a specific number to every citizen.
In addition, the infrastructure finance company IIFCL may be authorised to raise money through tax-free bonds, while three state-owned banks -- Central Bank of India, Uco Bank and Vijaya Bank -- are likely get fresh funds.
According to indications, IIFCL could be allowed to raise around Rs 30,000 crore of tax-free bonds, the three PSU banks would get additional capital of Rs 2,150 from the government.
The allocations for the agriculture, textile and tourism are likely to be retained at the current levels, though in case of flagship schemes the outlays are likely to be raised to Rs 1,23,000 crore from Rs 90,000 crore in the Budget for 2008-09.
The total gross budgetary support (GBS), which represents the expenditure towards Plan schemes and transfer of resources to states, may be increased to Rs 2,85,000 crore from Rs Rs 2,43,000 crore in the current year.
The GBS for the current year is likely to be revised to Rs 2,74,000 crore mainly on account of stimulus packages and transfer of resources to the states.
The government in the last Budget has fixed the fiscal deficit for the current fiscal at 2.5 per cent of GDP, which is likely to be raised to 5 per cent for the next fiscal, primarily on account of higher allocations towards the government's flagship schemes like the Bharat Nirman and the National Rural Employment Guarantee Scheme.
To provide focus on urban infrastructure, the government may expand the ambit of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) to include more districts. At present, the scheme is operational in about 60 mission cities.
The other focus of the Budget is likely to be on rural development which may witness allocations going up to more than Rs 55,000 crore from Rs 39,000 crore, an increase of over 40 per cent.
With the government announcing two stimulus packages and revenues not forthcoming due to slowdown, the fiscal deficit has already crossed four per cent till December and may be revised to over six per cent of GDP for this fiscal, going by the indications.
The interim Budget may also provide a token allocation of Rs 100 crore for kick starting the Unique Identification (UID) scheme to provide a specific number to every citizen.
In addition, the infrastructure finance company IIFCL may be authorised to raise money through tax-free bonds, while three state-owned banks -- Central Bank of India, Uco Bank and Vijaya Bank -- are likely get fresh funds.
According to indications, IIFCL could be allowed to raise around Rs 30,000 crore of tax-free bonds, the three PSU banks would get additional capital of Rs 2,150 from the government.
The allocations for the agriculture, textile and tourism are likely to be retained at the current levels, though in case of flagship schemes the outlays are likely to be raised to Rs 1,23,000 crore from Rs 90,000 crore in the Budget for 2008-09.
The total gross budgetary support (GBS), which represents the expenditure towards Plan schemes and transfer of resources to states, may be increased to Rs 2,85,000 crore from Rs Rs 2,43,000 crore in the current year.
The GBS for the current year is likely to be revised to Rs 2,74,000 crore mainly on account of stimulus packages and transfer of resources to the states.
NSE VS Financial Technologies
They have been locked in fierce competition to gain supremacy in the nascent market for currency futures trading. But the battle between the National Stock Exchange (NSE) and Financial Technologies (FT) is now being fought in the courts too, and has taken many other forms — from blocking technology access to predatory pricing, and more
NSE fired the first salvo by hitting FT where it hurts most. First, it bought stake in a software company called Omnesys, developed its own technology called NOW, which is similar to ODIN, and offered it to brokers free for three years. Critics call this predatory pricing, but an NSE spokesperson said the exchange has always tried to reduce costs to its members. “Our NEAT software given to members is also free and providing NOW (free) is in line with that policy,” he said.
Second, it put ODIN on its watch-list and rejected FT’s application for any new installations or licences.
FT, however, was quick to hit back and moved the court, saying NSE acted with mala fide intentions of stifling competition.
The first round of the court battle has gone in favour of FT, with the court saying, "the allegations in respect of malafides have considerable substance", but without giving an opportunity to NSE to reply "it is not proper to decide as to whether the compliant regarding the defective software ... is reasonable" and whether NSE's approach is "rather malafide" towards FT.
The court also observed that NSE can’t use its whims and fancies to pick and choose vendors.”
In another order dated January 30, the court ordered a systems audit and said NSE should not deny approval for the product for new users, and existing users should continue using it.
NSE has appealed against the order on systems audit and said putting FT on the watch-list was in good faith based on deficiencies in the software reported by trading members. The court later allowed KPMG to carry out the audit of FT's software.
ODIN is just one of the many battles in which the two exchanges are locked. On currency futures transactions, the fight is over transaction fee.
NSE, for example, has kept zero transaction fee on currency derivatives — a practice that MCX has criticised.
“NSE is cross-subsidising its currency futures business through its income from the F&O segment. This is against the concept of a level playing field,” an MCX-SX spokesperson said.
NSE, however, says this is not unusual because any new product requires some efforts in market development. Typically, during that period, NSE does not levy transaction charges. This has been the case in most product launches such as Mini Nifty, Nifty Junior, CNX 100, Defty, etc.
The fact is NSE can afford to keep transaction fees at zero because it has a substantial income from other segments such as derivatives and equities.
On the other hand, MCX-SX’s income is entirely dependent on the transaction fee from the currency segment. So it is in a classic Catch- 22 situation: it will not be able to compete with NSE if it imposes a transaction fee. But if it doesn’t levy a transaction fee, the exchange’s financial viability will be in question.
Observers said the market regulator should look at enforcing either a minimum transaction fee or allow new exchanges to launch cash and F&O segments if it wants to ensure fair competition.
NSE fired the first salvo by hitting FT where it hurts most. First, it bought stake in a software company called Omnesys, developed its own technology called NOW, which is similar to ODIN, and offered it to brokers free for three years. Critics call this predatory pricing, but an NSE spokesperson said the exchange has always tried to reduce costs to its members. “Our NEAT software given to members is also free and providing NOW (free) is in line with that policy,” he said.
Second, it put ODIN on its watch-list and rejected FT’s application for any new installations or licences.
FT, however, was quick to hit back and moved the court, saying NSE acted with mala fide intentions of stifling competition.
The first round of the court battle has gone in favour of FT, with the court saying, "the allegations in respect of malafides have considerable substance", but without giving an opportunity to NSE to reply "it is not proper to decide as to whether the compliant regarding the defective software ... is reasonable" and whether NSE's approach is "rather malafide" towards FT.
The court also observed that NSE can’t use its whims and fancies to pick and choose vendors.”
In another order dated January 30, the court ordered a systems audit and said NSE should not deny approval for the product for new users, and existing users should continue using it.
NSE has appealed against the order on systems audit and said putting FT on the watch-list was in good faith based on deficiencies in the software reported by trading members. The court later allowed KPMG to carry out the audit of FT's software.
ODIN is just one of the many battles in which the two exchanges are locked. On currency futures transactions, the fight is over transaction fee.
NSE, for example, has kept zero transaction fee on currency derivatives — a practice that MCX has criticised.
“NSE is cross-subsidising its currency futures business through its income from the F&O segment. This is against the concept of a level playing field,” an MCX-SX spokesperson said.
NSE, however, says this is not unusual because any new product requires some efforts in market development. Typically, during that period, NSE does not levy transaction charges. This has been the case in most product launches such as Mini Nifty, Nifty Junior, CNX 100, Defty, etc.
The fact is NSE can afford to keep transaction fees at zero because it has a substantial income from other segments such as derivatives and equities.
On the other hand, MCX-SX’s income is entirely dependent on the transaction fee from the currency segment. So it is in a classic Catch- 22 situation: it will not be able to compete with NSE if it imposes a transaction fee. But if it doesn’t levy a transaction fee, the exchange’s financial viability will be in question.
Observers said the market regulator should look at enforcing either a minimum transaction fee or allow new exchanges to launch cash and F&O segments if it wants to ensure fair competition.
Sunday, February 8, 2009
Advanigi For Ram and Soft Secularism
In a bid to keep NDA allies as well hard-core cadres happy, BJP Prime Minister candidate L.K. Advani on Sunday did a balancing act -- reaching out to all sections, including Muslims and Christians, and promising good governance, development and security if voted to power. But he also added "we never gave up Ram" as he wound up the three-day conclave, after BJP chief Rajnath Singh reacted sharply to Congress chief Sonia Gandhi's criticism that "those who mobilise people on religious lines, mislead people in the name of Ram cannot become an effective force against terror".
Gandhi's attack on BJP for using the name of Lord Ram came at a Congress meeting in Delhi a day after Singh raked up the issue of building a Ram temple in Ayodhya. Singh responded to her by saying those who had Lord Ram on their lips were most capable of meeting any challenge.
The BJP did not discriminate on the basis on religion or caste, he added. Advani asked, "What's wrong in wishing for a grand temple at the birth-place of Lord Ram? Every one accepts that place.
Why does anyone think we are raking up the issue. We never gave up Ram.
We can say Jai Shri Ram only when we finish the task of build a magnificent temple where the makeshift one stands today." As he wound up the three-day conclave, Advani said the BJP's success was not on account of the secularism versus communalism debate but "because of those practising pseuo-secularism in the name of secularism.
" Advani said he wanted to tell Muslims: "You have been used by the ruling party to perpetuate itself without their doing anything for your welfare." Quoting BJP's Muslim face, Shahnawaz Hussain, he said the per capita income among Muslims was highest in the BJP-ruled Gujarat.
"We believe in the welfare of all our people. I tell Christians too that how can we neglect them when our party in its avatar as BJP was born on an Easter Sunday in 1980.
" Advani recalled RSS ideologue M.S. Golwalkar had rejected the idea that India could ever become a Hindu theocratic state even though the Partition had taken place on religious lines - Muslim-majority areas becoming Pakistan and Hindu-dominated areas forming India. Advani said the BJP's secular credentials were founded in the nationalistic movement of the RSS launched by its founder, Dr K.B. Hegdewar, in Nagpur in 1925.
The BJP was born of the RSS' concept of "India first" in which even the party and ideology came secondary to the interests of the nation. Advani, who praised the entire lot of second generation leaders, particularly Narendra Modi, Sushma Swaraj, Arun Jaitley, Venkaiah Naidu and Shivraj Singh Chouhan, gave a new slogan for the BJP - 'If the BJP wins, India wins'.
He said, "The victory we are seeking is not for Advani (to become the Prime Minister) but for the country to overcome its ills and set itself on a path of development, welfare and security." He asked BJP men to avoid self-goals by avoiding internal wrangling and intrigues.
The UPA's performance was so full of failures and betrayals "that its continuation in office constitutes a threat to the vital interests of the country and its people. The situation today casts a responsibility on us to ensure the NDA wins a decisive mandate.
We can certainly do it. We shall do it - with a positive agenda".
Gandhi's attack on BJP for using the name of Lord Ram came at a Congress meeting in Delhi a day after Singh raked up the issue of building a Ram temple in Ayodhya. Singh responded to her by saying those who had Lord Ram on their lips were most capable of meeting any challenge.
The BJP did not discriminate on the basis on religion or caste, he added. Advani asked, "What's wrong in wishing for a grand temple at the birth-place of Lord Ram? Every one accepts that place.
Why does anyone think we are raking up the issue. We never gave up Ram.
We can say Jai Shri Ram only when we finish the task of build a magnificent temple where the makeshift one stands today." As he wound up the three-day conclave, Advani said the BJP's success was not on account of the secularism versus communalism debate but "because of those practising pseuo-secularism in the name of secularism.
" Advani said he wanted to tell Muslims: "You have been used by the ruling party to perpetuate itself without their doing anything for your welfare." Quoting BJP's Muslim face, Shahnawaz Hussain, he said the per capita income among Muslims was highest in the BJP-ruled Gujarat.
"We believe in the welfare of all our people. I tell Christians too that how can we neglect them when our party in its avatar as BJP was born on an Easter Sunday in 1980.
" Advani recalled RSS ideologue M.S. Golwalkar had rejected the idea that India could ever become a Hindu theocratic state even though the Partition had taken place on religious lines - Muslim-majority areas becoming Pakistan and Hindu-dominated areas forming India. Advani said the BJP's secular credentials were founded in the nationalistic movement of the RSS launched by its founder, Dr K.B. Hegdewar, in Nagpur in 1925.
The BJP was born of the RSS' concept of "India first" in which even the party and ideology came secondary to the interests of the nation. Advani, who praised the entire lot of second generation leaders, particularly Narendra Modi, Sushma Swaraj, Arun Jaitley, Venkaiah Naidu and Shivraj Singh Chouhan, gave a new slogan for the BJP - 'If the BJP wins, India wins'.
He said, "The victory we are seeking is not for Advani (to become the Prime Minister) but for the country to overcome its ills and set itself on a path of development, welfare and security." He asked BJP men to avoid self-goals by avoiding internal wrangling and intrigues.
The UPA's performance was so full of failures and betrayals "that its continuation in office constitutes a threat to the vital interests of the country and its people. The situation today casts a responsibility on us to ensure the NDA wins a decisive mandate.
We can certainly do it. We shall do it - with a positive agenda".
Will TRAI Okay New TelCos Asks ?
The telecom industry is divided into two camps -- existing operators vs new players -- on interconnection charges, in particular termination rates, with the former gunning for the maximum level possible while the latter doing away with it.
At present, mobile operators like Airtel, Vodafone and Idea Cellular charge 30 paise a minute from an operator on whose network the call ends.
"Removing Mobile Termination Charge would make calls made from (the new players') network and terminating on (another's) on a par (with) established GSM operators," a telecom player said.
Telecom regulator Trai is in the process of holding consultations with the industry, and ahead of open house discussion next week the new GSM players have urged that termination charges either be done away with or kept below 10 paise a minute to compete with the existing players.
According to new players like Datacom, Unitech, Swan Telecom, Shyam, Loop and Reliance Communications, they would be able to cut mobile tariffs by at least 50 per cent or more if termination charges are set below 10 paise a minute.
However, the existing operators have said that any drastic cut in charges would affect their rollout plans in the rural areas as this would reduce revenue.
At present, mobile operators like Airtel, Vodafone and Idea Cellular charge 30 paise a minute from an operator on whose network the call ends.
"Removing Mobile Termination Charge would make calls made from (the new players') network and terminating on (another's) on a par (with) established GSM operators," a telecom player said.
Telecom regulator Trai is in the process of holding consultations with the industry, and ahead of open house discussion next week the new GSM players have urged that termination charges either be done away with or kept below 10 paise a minute to compete with the existing players.
According to new players like Datacom, Unitech, Swan Telecom, Shyam, Loop and Reliance Communications, they would be able to cut mobile tariffs by at least 50 per cent or more if termination charges are set below 10 paise a minute.
However, the existing operators have said that any drastic cut in charges would affect their rollout plans in the rural areas as this would reduce revenue.
Tata Motors hires 1,650 Temporary Workers
Indicating that some recovery is under way, the country's largest commercial vehicles maker, Tata Motors, is hiring over 1,650 temporary workers for its Jamshedpur plant after temporarily stopping operations several times at the unit over the past few months.
The Jamshedpur plant, where the company mainly makes heavy duty commercial vehicles, had last year 'disengaged' over 700 temporary workers as production fell due to a severe sales slump.
"From the beginning of February we have hired over 1,650 temporary workers for our Jamshedpur plant," a company spokesperson said.
Asked if production has increased at the plant, he said, "The plant is also functioning normally." The hiring of temporary workers comes on the heels of Tata Motors recording healthy commercial vehicles sales in January at 17,373 units, its highest in three months. This was, however, 43 per cent down compared to the same month last year, which was at 30,530 units.
The company's Jamshedpur plant had undergone three temporary block closures on November 6-8, November 25-29 and December 8-13 last year.
Last October, after the 'disengagement' of 700 temporary workers, their number had come down to 1,200 at the plant.
The Jamshedpur plant, where the company mainly makes heavy duty commercial vehicles, had last year 'disengaged' over 700 temporary workers as production fell due to a severe sales slump.
"From the beginning of February we have hired over 1,650 temporary workers for our Jamshedpur plant," a company spokesperson said.
Asked if production has increased at the plant, he said, "The plant is also functioning normally." The hiring of temporary workers comes on the heels of Tata Motors recording healthy commercial vehicles sales in January at 17,373 units, its highest in three months. This was, however, 43 per cent down compared to the same month last year, which was at 30,530 units.
The company's Jamshedpur plant had undergone three temporary block closures on November 6-8, November 25-29 and December 8-13 last year.
Last October, after the 'disengagement' of 700 temporary workers, their number had come down to 1,200 at the plant.
Govt, RBI in talks on more borrowing: Subbarao
The government and the Reserve Bank of India (RBI) are in discussion on additional borrowing programmes and the two together will ensure that they are managed in an efficient and orderly manner, RBI Governor D Subbarao said here today.
However, Subbarao admitted the global situation was uncertain and hence it was difficult to calibrate a roadmap in advance.
"We will manage the calender of borrowing to ensure markets are not destabilised in any way; we will manage in an efficient and orderly manner," Subbarao told PTI.
The RBI governor is here to attend a meeting of central bank governors' Asian Consultative Council of the Bank of Settlement. Malaysia is the chairman of the grouping.
\
The governors also attended the 50th anniversary of Malaysia's central bank, Bank Negara, today. The bankers will attend a brainstorming session on the global financial crisis and the Asian banks' response tomorrow.
Former RBI governor Y V Reddy is also here to attend a panel discussion.
However, Subbarao admitted the global situation was uncertain and hence it was difficult to calibrate a roadmap in advance.
"We will manage the calender of borrowing to ensure markets are not destabilised in any way; we will manage in an efficient and orderly manner," Subbarao told PTI.
The RBI governor is here to attend a meeting of central bank governors' Asian Consultative Council of the Bank of Settlement. Malaysia is the chairman of the grouping.
\
The governors also attended the 50th anniversary of Malaysia's central bank, Bank Negara, today. The bankers will attend a brainstorming session on the global financial crisis and the Asian banks' response tomorrow.
Former RBI governor Y V Reddy is also here to attend a panel discussion.
DRL And Ranbaxy to Sell LowCost Drugs
Dr Reddy’s, Ranbaxy and a few other reputed drug companies are seeking empanelment in a government programme to sell unbranded low-cost drug to poor people, a government official said.
The Department of Pharmaceuticals will announce a list of drug makers and non-governmental organisations (NGO) next week to supply medicines to Jan Aushadhi, a new low-priced medicine store chain promoted by the Central government. As many as 76 pharmaceutical firms have evinced interest in being empanelled in the drug supply chain, the official said. Among NGOs, Red Cross is the only national-level agency that has shown interest.
Jan Aushadhi will source medicines at a very low-price, compared to the existing wholesale prices. “We have identified about 400 essential medicines to be supplied through Jan Aushadhi. All these medicines will be priced at least 50 per cent lower than the market price,’’ a senior government functionary who co-ordinates the sourcing business said.
"Companies that qualify the conditions set by the government will be allowed to supply medicines to the retail stores,” the official said.
The government intends to set up Jan Aushadhi — a generic drug store open round the clock in all districts of the country. It has already opened two stores in Punjab and Delhi and is in the process of opening more stores in north India.
"On February 20, we will open a drug store in the Gurgaon civil hospital. Three days later, two stores, in Panchkula and Mohali, will be functional. By March, we will have at least 40 stores up and running,” the official said.
The Central government employees consumer cooperative society popularly known as Kendriya Bandhar will be in charge of most of the stores in Delhi, it is learnt. State-level NGOs to be identified next week will manage the stores in other states. Meanwhile, the Andhra Pradesh government is planning to open Jan Aushadhi counters in its mobile clinics that visit villages on pre-scheduled dates throughout the year. Government officials feel that the mobile services can be of help to people who are under long-term treatment as they can ensure continued supply of low-cost medicines meant for diabetes, hypertension etc.
The Department of Pharmaceuticals will announce a list of drug makers and non-governmental organisations (NGO) next week to supply medicines to Jan Aushadhi, a new low-priced medicine store chain promoted by the Central government. As many as 76 pharmaceutical firms have evinced interest in being empanelled in the drug supply chain, the official said. Among NGOs, Red Cross is the only national-level agency that has shown interest.
Jan Aushadhi will source medicines at a very low-price, compared to the existing wholesale prices. “We have identified about 400 essential medicines to be supplied through Jan Aushadhi. All these medicines will be priced at least 50 per cent lower than the market price,’’ a senior government functionary who co-ordinates the sourcing business said.
"Companies that qualify the conditions set by the government will be allowed to supply medicines to the retail stores,” the official said.
The government intends to set up Jan Aushadhi — a generic drug store open round the clock in all districts of the country. It has already opened two stores in Punjab and Delhi and is in the process of opening more stores in north India.
"On February 20, we will open a drug store in the Gurgaon civil hospital. Three days later, two stores, in Panchkula and Mohali, will be functional. By March, we will have at least 40 stores up and running,” the official said.
The Central government employees consumer cooperative society popularly known as Kendriya Bandhar will be in charge of most of the stores in Delhi, it is learnt. State-level NGOs to be identified next week will manage the stores in other states. Meanwhile, the Andhra Pradesh government is planning to open Jan Aushadhi counters in its mobile clinics that visit villages on pre-scheduled dates throughout the year. Government officials feel that the mobile services can be of help to people who are under long-term treatment as they can ensure continued supply of low-cost medicines meant for diabetes, hypertension etc.
Thursday, February 5, 2009
Asian M&A Volumes Drops
"Asia, excluding Japan, targeted M&A volume totalled $16.7 billion (Rs 81,702 crore) in January 2009, down 54 per cent from $36.1 billion in January 2008 and accounted for five per cent of global M&A," according to deal tracking firm Dealogic.
The average deal size has declined by 25 per cent to just $43 million in January 2009 from $57 million in January last year, it added.
China has emerged as the most targeted nation in the Asian region with $6 billion in M&A volume and accounted for 36 per cent of Asia (ex-Japan) M&A volume.
The contribution of China in the Asia deal space has increased from 30 per cent in January last year.
Top five M&A deals announced last month include South Korean KT Corp's 46 per cent stake acquisition of KT Freetel for $1.8 billion and 71 per cent stake of Singapore-based United Industrial for $1.6 billion.
Indian M&A deal of Quippo Telecom picking up 49 per cent stake in Wireless Tata Telecom Infrastructure for $1.3 billion is third largest in January in Asia.
The average deal size has declined by 25 per cent to just $43 million in January 2009 from $57 million in January last year, it added.
China has emerged as the most targeted nation in the Asian region with $6 billion in M&A volume and accounted for 36 per cent of Asia (ex-Japan) M&A volume.
The contribution of China in the Asia deal space has increased from 30 per cent in January last year.
Top five M&A deals announced last month include South Korean KT Corp's 46 per cent stake acquisition of KT Freetel for $1.8 billion and 71 per cent stake of Singapore-based United Industrial for $1.6 billion.
Indian M&A deal of Quippo Telecom picking up 49 per cent stake in Wireless Tata Telecom Infrastructure for $1.3 billion is third largest in January in Asia.
March 3 TATA Nano At Road ?
Government officials said the company had chosen March 3 as the launch date because it is the birth anniversary of Tata Group founder, Jamsetji Tata. However, the details had not yet been firmed up.
When contacted, a spokesperson for Tata Motors said, "We have not announced an official date or any marketing plans so far."
Sources in the government, however, said: “The Tatas are planning to give Nano to celebrities initially. Senior Tata officials had discussed this at the Vibrant Gujarat Summit recently.”
Those likely to figure in the list include President Pratibha Patil, Prime Minister Manmohan Singh, Congress President Sonia Gandhi and Opposition Leader LK Advani.
The company may also reserve a Nano for Buddhadeb Bhattacharjee, the chief minister of West Bengal, where it was to be made initially. Others likely to get it are sports stars like Sania Mirza, Sachin Tendulkar and Mahendra Singh Dhoni. Still others may be those who endorse Tata brands, like actors Aamir Khan, Ajay Devgan and Kajol.
Narendra Modi, the chief minister of Gujarat, who was instrumental in attracting the Nano plant to Gujarat after it failed to take off in West Bengal owing to political controversy over land acquisition, may also be given the car.
"This marketing strategy will help the Tatas brand the common man's car as people's car. It will be a car for the masses," sources said.
However, the masses may have to brave a waiting period as Tata Motors dealers will start taking bookings for the car before the Sanand factory reaches full production. The booking amount is likely to be Rs 70,000 a car.
The standard model will be available for Rs 1 lakh and there will two other models priced at Rs 1.24 lakh and Rs 1.34 lakh.
When contacted, a spokesperson for Tata Motors said, "We have not announced an official date or any marketing plans so far."
Sources in the government, however, said: “The Tatas are planning to give Nano to celebrities initially. Senior Tata officials had discussed this at the Vibrant Gujarat Summit recently.”
Those likely to figure in the list include President Pratibha Patil, Prime Minister Manmohan Singh, Congress President Sonia Gandhi and Opposition Leader LK Advani.
The company may also reserve a Nano for Buddhadeb Bhattacharjee, the chief minister of West Bengal, where it was to be made initially. Others likely to get it are sports stars like Sania Mirza, Sachin Tendulkar and Mahendra Singh Dhoni. Still others may be those who endorse Tata brands, like actors Aamir Khan, Ajay Devgan and Kajol.
Narendra Modi, the chief minister of Gujarat, who was instrumental in attracting the Nano plant to Gujarat after it failed to take off in West Bengal owing to political controversy over land acquisition, may also be given the car.
"This marketing strategy will help the Tatas brand the common man's car as people's car. It will be a car for the masses," sources said.
However, the masses may have to brave a waiting period as Tata Motors dealers will start taking bookings for the car before the Sanand factory reaches full production. The booking amount is likely to be Rs 70,000 a car.
The standard model will be available for Rs 1 lakh and there will two other models priced at Rs 1.24 lakh and Rs 1.34 lakh.
Satyam New CEO - ASM
ASM New CEO For SatyamComp
Govt had appointment chief executive officer (CEO) for the scam-tainted Satyam Computer Services, the government-nominated board today appointed A S Murty, a Satyam veteran of 15 years, for the top job with immediate effect
The board, chaired by C Achuthan, also appointed Homi Khusrokhan — former managing director of Tata Chemicals — and Murugappa Group’s former director (finance) Partho S Datta as special advisors to the board to help in management and finance respectively.
"I have no misgivings about the enormity of the task in front of us, but together with my colleagues, I am confident we can accomplish the impossible. We will chart a precise and practical 30–60–90 day plan that will encompass and address the interests of all stakeholders," Murty (known as ASM) said.
The special advisors, along with Boston Consulting Group, will work pro bono and help the newly-named CEO and the board in defining priorities and executing them effectively, stated a company release.
"Having led large organisations before, I expect this opportunity to be a singularly enriching experience and I look forward to contributing my mite to this noble task," Khusrokhan said on his new role as the special advisor to Satyam.
Govt had appointment chief executive officer (CEO) for the scam-tainted Satyam Computer Services, the government-nominated board today appointed A S Murty, a Satyam veteran of 15 years, for the top job with immediate effect
The board, chaired by C Achuthan, also appointed Homi Khusrokhan — former managing director of Tata Chemicals — and Murugappa Group’s former director (finance) Partho S Datta as special advisors to the board to help in management and finance respectively.
"I have no misgivings about the enormity of the task in front of us, but together with my colleagues, I am confident we can accomplish the impossible. We will chart a precise and practical 30–60–90 day plan that will encompass and address the interests of all stakeholders," Murty (known as ASM) said.
The special advisors, along with Boston Consulting Group, will work pro bono and help the newly-named CEO and the board in defining priorities and executing them effectively, stated a company release.
"Having led large organisations before, I expect this opportunity to be a singularly enriching experience and I look forward to contributing my mite to this noble task," Khusrokhan said on his new role as the special advisor to Satyam.
Wednesday, February 4, 2009
ONGC to rethink on 15 mn-tonne refinery in Rajasthan
Rajasthan's Chief Minister Ashok Gehlot demanded a refinery project in the state that will provide direct and indirect employment to one lakh people.
Originally proposed in 2004-05, the project was declared economically unviable after the previous Vasundhara Raje government in Rajasthan did not agree to give fiscal incentive like interest free loan and sales tax exemption for the project.
"Whatever (fiscal) concession you need, we will offer," Gehlot said at a stone cutting function here for laying off a pipeline to transport Cairn India's Rajasthan crude.
The Chief Minister first raised the demand for the refinery at a function near Jaipur yesterday where UPA Chairperson Sonia Gandhi was present and today again reiterated the demand for a refinery at Barmer district to process Cairn India's oil found in the area.
"We had a meeting yesterday and Petroleum Minister Murli Deora and ONGC Chairman R S Sharma have assured that they will re-examine possibility of the refinery," he said, adding that the state government recognise the fact that a project can be set up only if economically viable.
Deora on his part said that ONGC would do a feasibility study again considering the fiscal concession that the Rajasthan government was willing to extend to the project.
The refinery is not considered viable because it will need, besides fiscal incentives, two pipelines -- one to import crude oil and the other to export products out.
Originally proposed in 2004-05, the project was declared economically unviable after the previous Vasundhara Raje government in Rajasthan did not agree to give fiscal incentive like interest free loan and sales tax exemption for the project.
"Whatever (fiscal) concession you need, we will offer," Gehlot said at a stone cutting function here for laying off a pipeline to transport Cairn India's Rajasthan crude.
The Chief Minister first raised the demand for the refinery at a function near Jaipur yesterday where UPA Chairperson Sonia Gandhi was present and today again reiterated the demand for a refinery at Barmer district to process Cairn India's oil found in the area.
"We had a meeting yesterday and Petroleum Minister Murli Deora and ONGC Chairman R S Sharma have assured that they will re-examine possibility of the refinery," he said, adding that the state government recognise the fact that a project can be set up only if economically viable.
Deora on his part said that ONGC would do a feasibility study again considering the fiscal concession that the Rajasthan government was willing to extend to the project.
The refinery is not considered viable because it will need, besides fiscal incentives, two pipelines -- one to import crude oil and the other to export products out.
Reliance Aims Eye Wear Markets
Reliance's Vision Exp to set up 500 eyewear stores
Vision Express, the joint venture between Reliance Retail and Dutch optical retailer Pearle Europe, plans to open 500 eyewear outlets across the country by 2015 as it aims to be a leading player in the estimated 900-million dollar Indian optical eyewear market.
"We are willing to tap the entire metro, Tier I and II markets and our aim is to be among the top few players in the Indian optical eyewear market by the end of 2011," Ackermans said.
The Indian eyewear market is estimated to be around 900 million dollar and the share of organised retailers in it is still minuscule, he said, adding at least 30 per cent of Indians need eyewear providing huge potential.
Vision Express is touting itself as a 'value for money' player with sunglasses, contact lenses and frames offered at a price range of Rs 250-15,000.
Vision Express, the joint venture between Reliance Retail and Dutch optical retailer Pearle Europe, plans to open 500 eyewear outlets across the country by 2015 as it aims to be a leading player in the estimated 900-million dollar Indian optical eyewear market.
"We are willing to tap the entire metro, Tier I and II markets and our aim is to be among the top few players in the Indian optical eyewear market by the end of 2011," Ackermans said.
The Indian eyewear market is estimated to be around 900 million dollar and the share of organised retailers in it is still minuscule, he said, adding at least 30 per cent of Indians need eyewear providing huge potential.
Vision Express is touting itself as a 'value for money' player with sunglasses, contact lenses and frames offered at a price range of Rs 250-15,000.
Indian Inc's Fund Raising Dips To 3 Yrs Low
Compared with 2007, fund raising has dipped by 54.55 per cent. Fund raising activity through IPO reached its peak in 2007, when a whopping $9,920.65 million was garnered.
Though there was a fall in both value as well as volume terms but the year 2008 saw several large IPOs across the board including Reliance Power's $2.56 billion issue - the largest public issue of 2008, Grant Thornton added.
The other big IPOs in the year came from Rural Electrification Corp, IRB infrastructure developers and KSK energy ventures each raising $410 million, $236 million and $208 million, respectively.
Capital mobilisation through IPOs witnessed a fall both in terms of volume and value as only 44 transactions worth $4,508.85 million were announced, global consultancy firm Grant Thornton said. Way back in 2005, however, there were as many as 64 such deals with an announced value of $5,521.50, it added.
The total fund mopped up through IPO in 2008 was $4.51 billion, 18.34 per cent lower than the amount raised in 2005.
Though there was a fall in both value as well as volume terms but the year 2008 saw several large IPOs across the board including Reliance Power's $2.56 billion issue - the largest public issue of 2008, Grant Thornton added.
The other big IPOs in the year came from Rural Electrification Corp, IRB infrastructure developers and KSK energy ventures each raising $410 million, $236 million and $208 million, respectively.
Capital mobilisation through IPOs witnessed a fall both in terms of volume and value as only 44 transactions worth $4,508.85 million were announced, global consultancy firm Grant Thornton said. Way back in 2005, however, there were as many as 64 such deals with an announced value of $5,521.50, it added.
The total fund mopped up through IPO in 2008 was $4.51 billion, 18.34 per cent lower than the amount raised in 2005.
FII Trades
FII To FII Trades Activity 04/02/09
Punjab National Bank was traded at highest premium of 2.82% on BSE with 3.18 lakh shares changing hands at Rs 412 as against the spot price of Rs 400.70.
Pantaloon Retail India was traded at second highest premium of 2.03% on BSE with 43,200 shares changing hands at Rs 158 as against the spot price of Rs 154.85.
Punjab National Bank was traded at highest premium of 2.82% on BSE with 3.18 lakh shares changing hands at Rs 412 as against the spot price of Rs 400.70.
Pantaloon Retail India was traded at second highest premium of 2.03% on BSE with 43,200 shares changing hands at Rs 158 as against the spot price of Rs 154.85.
Monday, February 2, 2009
Bond Gains In Money Markets
The 10-year bonds gained on speculation yields at the highest level in three weeks attracted investors
Banks and securities companies may have increased purchases as benchmark yields increased by a record 92 basis points last month. Yields had surged after the central bank refrained from cutting interest rates on January 27 and the government’s spending plans fueled concern debt supply will increase. India sold a new 10-year bond at 6.05 per cent on January 30.
The yield on the 6.05 per cent note due January 2019 fell 1 basis point to 5.90 per cent at the 5:30 pm close in Mumbai, according to the central bank’s trading system. The price rose 0.10, or 10 paise per 100-rupee face amount, to 101.10. A basis point is 0.01 percentage point.
India raised its borrowing target for the year ending March 31 to more than Rs 2 trillion ($40.9 billion), from Rs 1.45 trillion set in its budget for the period. The government hasn’t yet decided on any additional amount it may need to borrow, said an official on condition of anonymity on January 30.
The federal government’s budget deficit in the first nine months of the financial year was already 163.8 per cent of the annual target, it said last week. The shortfall was 2.8 per cent of GDP last year.
The cost of five-year swaps, or derivative contracts used to guard against rate fluctuations, was little changed. The rate, a fixed payment made to receive floating rates, was at 4.84 per cent, versus 4.83 per cent on January 30.
Banks and securities companies may have increased purchases as benchmark yields increased by a record 92 basis points last month. Yields had surged after the central bank refrained from cutting interest rates on January 27 and the government’s spending plans fueled concern debt supply will increase. India sold a new 10-year bond at 6.05 per cent on January 30.
The yield on the 6.05 per cent note due January 2019 fell 1 basis point to 5.90 per cent at the 5:30 pm close in Mumbai, according to the central bank’s trading system. The price rose 0.10, or 10 paise per 100-rupee face amount, to 101.10. A basis point is 0.01 percentage point.
India raised its borrowing target for the year ending March 31 to more than Rs 2 trillion ($40.9 billion), from Rs 1.45 trillion set in its budget for the period. The government hasn’t yet decided on any additional amount it may need to borrow, said an official on condition of anonymity on January 30.
The federal government’s budget deficit in the first nine months of the financial year was already 163.8 per cent of the annual target, it said last week. The shortfall was 2.8 per cent of GDP last year.
The cost of five-year swaps, or derivative contracts used to guard against rate fluctuations, was little changed. The rate, a fixed payment made to receive floating rates, was at 4.84 per cent, versus 4.83 per cent on January 30.
Central Bank Raise 600 cr To Boost CAR
As of December 31, 2008, the bank’s CAR stood at 10.02 per cent. The bank has also sought permission to open representative offices in Singapore, Hong Kong, London, Dubai and Doha. This is in line with the bank’s plan to attract export-import businesses and NRE and FCNR deposits from abroad.
Central Bank of India is planning to raise Rs 500-600 crore through Tier-I and Tier-II bonds this year in order to boost its capital adequacy ratio (CAR) to over 11 per cent, Executive Director Ramnath Pradeep said.
“In 2008-09, the bank would be looking at a sustainable credit growth of 24 per cent and a deposit growth of 22 per cent. Our thrust area would be agriculture, SMEs, infrastructure, retail and housing,” he said.
Central Bank of India is planning to raise Rs 500-600 crore through Tier-I and Tier-II bonds this year in order to boost its capital adequacy ratio (CAR) to over 11 per cent, Executive Director Ramnath Pradeep said.
“In 2008-09, the bank would be looking at a sustainable credit growth of 24 per cent and a deposit growth of 22 per cent. Our thrust area would be agriculture, SMEs, infrastructure, retail and housing,” he said.
PSU Cuts PLR Rate
Public sector lenders led by State Bank of India (SBI) today said they will look at further interest rate cuts. SBI chairman O P Bhatt told reporters after a meeting with Finance Minister Pranab Mukherjee that the bank is considering cutting its prime lending rate (PLR) for the second time in as many months
Kolkata-based UCO Bank Chairman S K Goel said the bank may cut lending and deposit rates 200 basis points, with a 100-basis-point reduction likely this month. The bank will also soon launch a scheme similar to SBI’s.
SBI had cut PLR 75 basis points to 12.25 per cent on January 1 and has cut all new home loan rates to 8 per cent for a limited period with a clause to reset rates
In a bid to boost the economy, the Reserve Bank of India (RBI) has taken a series of measures since September last year including cuts in the cash reserve ratio and the repo and reverse repo rates to inject liquidity into the system and signal a soft interest rate regime.
But last week RBI said banks could reduce rates further. Since November, public sector lenders have reduced lending rates up to 200 basis points, while private banks have lowered rates 50 basis points. In contrast, deposit rates have been reduced up to 300 basis points.
Bankers have been reluctant to push lending rates further as they claim that the cost of deposits has not come down significantly. A further reduction in deposit costs will result in investors shifting to small savings schemes such as post office deposits and public provident fund, which offer 8 per cent returns, they said.
Kolkata-based UCO Bank Chairman S K Goel said the bank may cut lending and deposit rates 200 basis points, with a 100-basis-point reduction likely this month. The bank will also soon launch a scheme similar to SBI’s.
SBI had cut PLR 75 basis points to 12.25 per cent on January 1 and has cut all new home loan rates to 8 per cent for a limited period with a clause to reset rates
In a bid to boost the economy, the Reserve Bank of India (RBI) has taken a series of measures since September last year including cuts in the cash reserve ratio and the repo and reverse repo rates to inject liquidity into the system and signal a soft interest rate regime.
But last week RBI said banks could reduce rates further. Since November, public sector lenders have reduced lending rates up to 200 basis points, while private banks have lowered rates 50 basis points. In contrast, deposit rates have been reduced up to 300 basis points.
Bankers have been reluctant to push lending rates further as they claim that the cost of deposits has not come down significantly. A further reduction in deposit costs will result in investors shifting to small savings schemes such as post office deposits and public provident fund, which offer 8 per cent returns, they said.
Open Offer Norms Changing.............. Sebi
The Securities and Exchange Board of India (Sebi) will amend the takeover code after it has been approached by Satyam Computer Services’ government-appointed board for some exemptions from open offer rules.
.
Bhave said rather than create a one-off exemption for Satyam, the regulator will amend its regulations. “We must have a mechanism to deal with abnormal cases,” he said. He, however, gave no timeframe for the amendment and said the Sebi board is aware of the urgency with which such matter needs to be dealt with.Under the Takeover Code, an investor who acquires 15 per cent of a company needs to make an open offer for another 20 per cent at a price which is not less than the average share price of the previous six months.
The six-member Satyam board has told Sebi that the company’s stock prices before January 7, the day founder Ramalinga Raju confessed to fraud, are no longer relevant as they reflected a set of numbers put out by the company that are not valid. Even the company’s former auditor Price Waterhouse has disowned the accounts
.
Bhave said rather than create a one-off exemption for Satyam, the regulator will amend its regulations. “We must have a mechanism to deal with abnormal cases,” he said. He, however, gave no timeframe for the amendment and said the Sebi board is aware of the urgency with which such matter needs to be dealt with.Under the Takeover Code, an investor who acquires 15 per cent of a company needs to make an open offer for another 20 per cent at a price which is not less than the average share price of the previous six months.
The six-member Satyam board has told Sebi that the company’s stock prices before January 7, the day founder Ramalinga Raju confessed to fraud, are no longer relevant as they reflected a set of numbers put out by the company that are not valid. Even the company’s former auditor Price Waterhouse has disowned the accounts
Essar Shipping Q3 Net Down
Total operating income for the reporting quarter was Rs 550.27 crore against Rs 495.26 crore for the same quarter a year ago, Essar Shipping said in a release here.
Essar Shipping Ports and Logistics today said its net profit for the quarter ended December 31, 2008 declined 70.58 per cent to Rs 13.03 crore from Rs 44.30 crore for the same period a year ago
Essar Shipping Ports and Logistics today said its net profit for the quarter ended December 31, 2008 declined 70.58 per cent to Rs 13.03 crore from Rs 44.30 crore for the same period a year ago
Yamaha Sales Number Zoom To 190++%
"The year 2009 has got off to a great start for us after the exciting turnaround year of 2008. Our focus remains on resurgence of Yamaha brand thereby enriching customer's experience," India Yamaha Motor CEO Yukimine Tsuji said in a statement.
The company, which is seeking a turnaround in India said its continued thrust on technology, quality and manufacturing excellence and introduction of Global Yamaha standards in its operations have been able to woo customers back, it added.
Two-wheeler maker India Yamaha Motor today reported almost a three-fold increase in sales during January at 18,320 units, against 6,284 units sold in the same month last year.
The company, which is seeking a turnaround in India said its continued thrust on technology, quality and manufacturing excellence and introduction of Global Yamaha standards in its operations have been able to woo customers back, it added.
Two-wheeler maker India Yamaha Motor today reported almost a three-fold increase in sales during January at 18,320 units, against 6,284 units sold in the same month last year.
Sunday, February 1, 2009
RIL Zooms Two Trillion Market Capitalisation
Market Capitalisation as on 30/01/09
RIL regained the Rs 2 trillion mark after a gap of five weeks after its shares surged 15 per cent on the Stock Exchange during the week ended January 30. At the end of trade on Friday, the market capitalisation of RIL stood at Rs 2,08,559.98 crore while it was at Rs 1,81,483 crore in the week-ago period.
RIL is followed in the coveted top followed by NTPC (Rs 1,56,252 crore), ONGC (Rs 1,40,780 crore), Bharti Airtel (Rs 1,29,319 crore), Infosys (Rs 74,758 crore), SBI (Rs 73,151 crore), MMTC (Rs 72,412 crore), ITC (Rs 67,781 crore), NMDC (Rs 66,032 crore) and BHEL (Rs 64,639 crore).
RIL regained the Rs 2 trillion mark after a gap of five weeks after its shares surged 15 per cent on the Stock Exchange during the week ended January 30. At the end of trade on Friday, the market capitalisation of RIL stood at Rs 2,08,559.98 crore while it was at Rs 1,81,483 crore in the week-ago period.
RIL is followed in the coveted top followed by NTPC (Rs 1,56,252 crore), ONGC (Rs 1,40,780 crore), Bharti Airtel (Rs 1,29,319 crore), Infosys (Rs 74,758 crore), SBI (Rs 73,151 crore), MMTC (Rs 72,412 crore), ITC (Rs 67,781 crore), NMDC (Rs 66,032 crore) and BHEL (Rs 64,639 crore).
Hero Honda Sales No's
Hero Honda Motors (HHML), the country's largest two-wheeler maker, today reported a 5.84 per cent jump in its total sale in January, at 3,15,458 units, as compared to 2,98,050 units in the same month last year.
"The sales number reflect an excellent start to the calendar year, further strengthening our growth trajectory," Hero Honda Motors Senior Vice President (Marketing and Sales) Anil Dua said in a statement.
This growth was achieved in the face of continuing tough market conditions on account of uncertainty over interest rates and overall credit squeeze, he added.
"The sales number reflect an excellent start to the calendar year, further strengthening our growth trajectory," Hero Honda Motors Senior Vice President (Marketing and Sales) Anil Dua said in a statement.
This growth was achieved in the face of continuing tough market conditions on account of uncertainty over interest rates and overall credit squeeze, he added.
GHCL Targets
Ghcl Target 1300 Cr Turnover This Year
The chairman attributed the decline in net profit to the annual shutdown of the company's factories between October and December. He added that similar exercises were not undertaken during the corresponding period of last year.
"The home textile operations were significantly affected due to the worsening power situation in Tamil Nadu, where the government could not even meet 60 per cent of our total power requirements. Besides this, the global economic meltdown, which accelerated in the last quarter of 2008, also affected our sales to the US and European markets to some extent," Dalmia said. Hence, revenue from the company's home textiles division declined from Rs 124 crore last year to Rs 81 crore this year.
In its soda ash business, GHCL suffered due to excess raw material stock because of which the company could not capitalise on low raw material costs. The company also suffered a forex loss Rs 30-35 crore on currency fluctuations.
In the December 2008 quarter, revenue dipped 5.3 per cent to Rs 283 crore as against Rs 299 crore recorded in the year-ago period. However, for the nine-month period ended December 2008, the company's revenues grew 20 per cent to Rs 919 crore compared with Rs 768 crore last year.
Soda ash and home textiles player GHCL is aiming at a growth rate of 25-30 per cent for the financial year ending March 31, 2009, despite a 10 per cent decrease in its third quarter net profit to Rs 80 crore. The company had posted a profit of Rs 89 crore in December 2007
The chairman attributed the decline in net profit to the annual shutdown of the company's factories between October and December. He added that similar exercises were not undertaken during the corresponding period of last year.
"The home textile operations were significantly affected due to the worsening power situation in Tamil Nadu, where the government could not even meet 60 per cent of our total power requirements. Besides this, the global economic meltdown, which accelerated in the last quarter of 2008, also affected our sales to the US and European markets to some extent," Dalmia said. Hence, revenue from the company's home textiles division declined from Rs 124 crore last year to Rs 81 crore this year.
In its soda ash business, GHCL suffered due to excess raw material stock because of which the company could not capitalise on low raw material costs. The company also suffered a forex loss Rs 30-35 crore on currency fluctuations.
In the December 2008 quarter, revenue dipped 5.3 per cent to Rs 283 crore as against Rs 299 crore recorded in the year-ago period. However, for the nine-month period ended December 2008, the company's revenues grew 20 per cent to Rs 919 crore compared with Rs 768 crore last year.
Soda ash and home textiles player GHCL is aiming at a growth rate of 25-30 per cent for the financial year ending March 31, 2009, despite a 10 per cent decrease in its third quarter net profit to Rs 80 crore. The company had posted a profit of Rs 89 crore in December 2007
02/02/09
Adag Rejig Fray On Their Teclecom And Infra Arms
After a meeting of its committee of directors, which approved transfer of about half-a-dozen of its business units, Reliance Infra said the reorganisation would unlock value in view of possible investments by strategic and financial players in various businesses, in addition to other benefits.
At the same time, RCom's board of directors also approved transfer its optic fiber division to its subsidiary Reliance Infratel to create a single telecom infrastructure entity and cut down its operating costs.
Besides, it was aimed at identifying actual economic value arising from infrastructure business and telecom services businesses, the company said.
This comes within days of the group's financial services arm Reliance Capital announcing plans set up separate subsidiaries for consumer finance and home loan businesses, where it said, strategic investors could be brought in in about a year's time or once the market conditions improve.
There would be no change in the overall capital structure of the company and no shares or securities would be issued or cancelled as part of the restructuring exercises at both Reliance Infra and RCom.
Reliance Infra said the reorganisation would simplify and make its business structure transparent and lead to alignment of interest of various stakeholders and a focussed management.
Besides, it would help attract and retain quality talent and would lead to an optimal financial structure and tax efficiency for individual businesses.
As part of scheme, real estate unit will be transferred to Reliance Property Developers, Dahanu Thermal Power Station to Reliance Energy Generation, Power Transmission Division to Reliance Power Transmission, Power Distribution to Reliance Energy, EPC Division to Reliance InfraProjects and Toll Roads Division to Reliance InfraVentures.
The scheme is subject to requisite consent of lenders, shareholders, creditors, stock exchanges, the Bombay High Court and the approval from the government or any other statutory or regulatory authorities.
As part of the reorganisation exercise at RCom, the company would transfer its optic fiber division to its subsidiary Reliance Infratel to create a single telecom infrastructure entity and cut down its operating costs.
The company said that the exercise, which consolidates all its telecom infrastructure assets — tower and optic fibre — under one entity, would enhance stakeholders' value and provide benefits such as synergies and cost efficiencies in terms of lower operating costs.
The consolidation reflects the global trend of segregating the telecom infrastructure business, with a view of adopting best management practices and to identify the actual economic value arising out of the infrastructure business and telecom services businesses, the company said.
Reliance Infratel owns, operates and develops telecom infrastructure, primarily consisting of wireless communication sites and towers. It currently owns all towers used by RCom's CDMA and GSM wireless networks and is developing additional towers to meet the needs of RCom and other customers.
The restructuring proposal is subject to all requisite approvals, as might be required, and would be carried out through a court-approved scheme of arrangement at fair value.
Last month, Reliance Cap CEO Sam Ghosh had said that the company might "look into the option of involvement of a strategic investor. But not at present. May be in a year's time or as and when market condition improves."
"At this point of time the valuations of these entities are not clear. Once the business picks up and the exact valuation of the entities are known, we may consider the option (of strategic investor," Ghosh added.
He, however, noted that the company had no plans under consideration to tap the equity market for raising funds and added that Reliance Capital had enough capital in hand.
After a meeting of its committee of directors, which approved transfer of about half-a-dozen of its business units, Reliance Infra said the reorganisation would unlock value in view of possible investments by strategic and financial players in various businesses, in addition to other benefits.
At the same time, RCom's board of directors also approved transfer its optic fiber division to its subsidiary Reliance Infratel to create a single telecom infrastructure entity and cut down its operating costs.
Besides, it was aimed at identifying actual economic value arising from infrastructure business and telecom services businesses, the company said.
This comes within days of the group's financial services arm Reliance Capital announcing plans set up separate subsidiaries for consumer finance and home loan businesses, where it said, strategic investors could be brought in in about a year's time or once the market conditions improve.
There would be no change in the overall capital structure of the company and no shares or securities would be issued or cancelled as part of the restructuring exercises at both Reliance Infra and RCom.
Reliance Infra said the reorganisation would simplify and make its business structure transparent and lead to alignment of interest of various stakeholders and a focussed management.
Besides, it would help attract and retain quality talent and would lead to an optimal financial structure and tax efficiency for individual businesses.
As part of scheme, real estate unit will be transferred to Reliance Property Developers, Dahanu Thermal Power Station to Reliance Energy Generation, Power Transmission Division to Reliance Power Transmission, Power Distribution to Reliance Energy, EPC Division to Reliance InfraProjects and Toll Roads Division to Reliance InfraVentures.
The scheme is subject to requisite consent of lenders, shareholders, creditors, stock exchanges, the Bombay High Court and the approval from the government or any other statutory or regulatory authorities.
As part of the reorganisation exercise at RCom, the company would transfer its optic fiber division to its subsidiary Reliance Infratel to create a single telecom infrastructure entity and cut down its operating costs.
The company said that the exercise, which consolidates all its telecom infrastructure assets — tower and optic fibre — under one entity, would enhance stakeholders' value and provide benefits such as synergies and cost efficiencies in terms of lower operating costs.
The consolidation reflects the global trend of segregating the telecom infrastructure business, with a view of adopting best management practices and to identify the actual economic value arising out of the infrastructure business and telecom services businesses, the company said.
Reliance Infratel owns, operates and develops telecom infrastructure, primarily consisting of wireless communication sites and towers. It currently owns all towers used by RCom's CDMA and GSM wireless networks and is developing additional towers to meet the needs of RCom and other customers.
The restructuring proposal is subject to all requisite approvals, as might be required, and would be carried out through a court-approved scheme of arrangement at fair value.
Last month, Reliance Cap CEO Sam Ghosh had said that the company might "look into the option of involvement of a strategic investor. But not at present. May be in a year's time or as and when market condition improves."
"At this point of time the valuations of these entities are not clear. Once the business picks up and the exact valuation of the entities are known, we may consider the option (of strategic investor," Ghosh added.
He, however, noted that the company had no plans under consideration to tap the equity market for raising funds and added that Reliance Capital had enough capital in hand.
Thursday, January 29, 2009
Govt likely announce third stimulus 29/01/2009
The Government is likely to announce a third stimulus package soon to fuel economic growth, Minister of State for Industry Ashwani Kumar today said.
"There will be sector-specific packages announced very soon to boost consumption. There will be some packages for the infrastructure sector as well as for exporters," he told reporters here today.
He, however, did not divulge any details about the proposed package.
The Minister said that the current year would be a difficult year, but the country would still clock a respectable 6.5-7 per cent growth.
The recent monetary and fiscal measures initiated by the Reserve Bank and Finance Ministry would take around six months to make their impact felt, he said.
Comparing India's economy with China, he said that India's economic growth momentum has been on the back of domestic consumption while that of its neighbour has been export-driven.
"Domestic consumption is not shaken. When the world starts getting out of the morass it is in right now, India will be in the front league," Kumar said, adding that "we have to be realistic and accept that we will not grow at a rate of 8.5 or 9 per cent."
"The rest, except China will show negative growth. Despite the turbulence, India has been able to insulate itself," Kumar said.
Fuel Cut Impact Near Term
The fuel price revision on Wednesday is likely to wipe out the Rs 1,100 crore net revenue earned by the three oil marketing companies (OMC) — Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) — in the last one month, say officials from these companies.
Prior to the price cut, these companies were getting a high retail margin of Rs 8 per litre on petrol and Rs 3 per litre on diesel, which more than offset the under-recoveries on LPG (Rs 32 per cylinder) and kerosene (Rs 14 per litre).
With the price-cut of Rs 5 per litre on petrol, Rs 2 on diesel and Rs 25 per LPG cylinder along with the increase in crude oil prices, these margins are likely to be eroded.
The price of the Indian basket of crude has already crossed $40 per barrel from a low of $35 last month.
Analysts say the price revision could impact the January-March quarter’s margins of these companies, especially if international crude oil prices rise further.
“This price reduction could also spur demand, and if the international crude oil prices also spike, together they could impact the bottom line of the oil marketing companies,” said a Mumbai-based analyst.
Prior to the price cut, these companies were getting a high retail margin of Rs 8 per litre on petrol and Rs 3 per litre on diesel, which more than offset the under-recoveries on LPG (Rs 32 per cylinder) and kerosene (Rs 14 per litre).
With the price-cut of Rs 5 per litre on petrol, Rs 2 on diesel and Rs 25 per LPG cylinder along with the increase in crude oil prices, these margins are likely to be eroded.
The price of the Indian basket of crude has already crossed $40 per barrel from a low of $35 last month.
Analysts say the price revision could impact the January-March quarter’s margins of these companies, especially if international crude oil prices rise further.
“This price reduction could also spur demand, and if the international crude oil prices also spike, together they could impact the bottom line of the oil marketing companies,” said a Mumbai-based analyst.
Bhel Results And Order Books
Bharat Heavy Electricals (BHEL), the country's largest power equipment manufacturer, has posted a marginal 2.4 per cent increase in net profit for the third quarter ended December 2008 on the back of increased raw material costs and higher wage revision.
The company has posted a net profit of Rs 790.56 crore for the reporting quarter as compared to Rs 771.90 crore posted in the corresponding quarter in the previous financial year.
“The marginal increase in profit is because of accomodating a wage revision of Rs 1,300 crore (40 per cent) for the current year and increased cost of raw materials in the June-August quarter,” said K Ravi Kumar, chairman and managing director of the company.
“Had it not been for the wage revision and the increased costs, we would have posted a 15 per cent jump in net profit,” he added.
Total income of the company in the quarter has increased 21 per cent at Rs 6,328 crore as compared to Rs 5,229 crore posted in the corresponding quarter last year.
The company has set a target of achieving a turnover of about 25,000 crore and an increases in net profit of about 27 per cent by the end of the current fiscal.
BHEL is the country’s largest manufacturer of power equipment with a current manufacturing capacity of about 10,000 Mw. The company further plans to ramp it up to 15,000 Mw by the end of the current plan period.
The company has an outstanding order book position of about Rs 113,500 crore at the end of the quarter ended December 2008.
The company has posted a net profit of Rs 790.56 crore for the reporting quarter as compared to Rs 771.90 crore posted in the corresponding quarter in the previous financial year.
“The marginal increase in profit is because of accomodating a wage revision of Rs 1,300 crore (40 per cent) for the current year and increased cost of raw materials in the June-August quarter,” said K Ravi Kumar, chairman and managing director of the company.
“Had it not been for the wage revision and the increased costs, we would have posted a 15 per cent jump in net profit,” he added.
Total income of the company in the quarter has increased 21 per cent at Rs 6,328 crore as compared to Rs 5,229 crore posted in the corresponding quarter last year.
The company has set a target of achieving a turnover of about 25,000 crore and an increases in net profit of about 27 per cent by the end of the current fiscal.
BHEL is the country’s largest manufacturer of power equipment with a current manufacturing capacity of about 10,000 Mw. The company further plans to ramp it up to 15,000 Mw by the end of the current plan period.
The company has an outstanding order book position of about Rs 113,500 crore at the end of the quarter ended December 2008.
Wednesday, January 28, 2009
Reliance Power Wins Tilaiya UMPP
Reliance Power has bagged the Tilaiya ultra mega power project (UMPP) in Jharkhand by offering to supply power at Rs 1.77 per unit — the lowest price quoted by the four companies in the fray.
The next best bid for the Rs 16,000-18,000-crore project came from government owned NTPC, which offered to supply power from the pithead coal project at Rs 2.39 per unit.
There were two other bidders — Jindal Steel and Power which offered to supply power at Rs 2.69 per unit and Sterlite Industries which bid the highest at Rs 2.97 per unit.
The fifth company shortlisted to bid, Lanco Infratech, partnership with Genting Power International, withdrew at the last minute, according to an official of the Power Finance Corporation (PFC), which is the nodal agency for the ultra mega power projects. Lanco said that bankers to its partner, Genting Power, withdrew support for the project at the last moment, forcing them to withdraw their bid.
This is the third UMPP won by the Anil Ambani group company, after Sasan in Madhya Pradesh and Krishnapatnam in Andhra Pradesh.
Eleven companies had originally qualified to bid for the Tilaiya UMPP but the global financial meltdown and the subsequent credit crunch saw many companies opt out of the bid. These included the likes of Tata Power and Larsen & Toubro.
Analysts described Reliance’s winning bid as “very aggressive,” citing the huge gap between the lowest bid (Rs 1.77 per unit) and the second best bid (NTPC’s Rs 2.39 per unit). The bid was however much higher than the Rs 1.19 per unit that the company bid for the comparable project at Sasan
The next best bid for the Rs 16,000-18,000-crore project came from government owned NTPC, which offered to supply power from the pithead coal project at Rs 2.39 per unit.
There were two other bidders — Jindal Steel and Power which offered to supply power at Rs 2.69 per unit and Sterlite Industries which bid the highest at Rs 2.97 per unit.
The fifth company shortlisted to bid, Lanco Infratech, partnership with Genting Power International, withdrew at the last minute, according to an official of the Power Finance Corporation (PFC), which is the nodal agency for the ultra mega power projects. Lanco said that bankers to its partner, Genting Power, withdrew support for the project at the last moment, forcing them to withdraw their bid.
This is the third UMPP won by the Anil Ambani group company, after Sasan in Madhya Pradesh and Krishnapatnam in Andhra Pradesh.
Eleven companies had originally qualified to bid for the Tilaiya UMPP but the global financial meltdown and the subsequent credit crunch saw many companies opt out of the bid. These included the likes of Tata Power and Larsen & Toubro.
Analysts described Reliance’s winning bid as “very aggressive,” citing the huge gap between the lowest bid (Rs 1.77 per unit) and the second best bid (NTPC’s Rs 2.39 per unit). The bid was however much higher than the Rs 1.19 per unit that the company bid for the comparable project at Sasan
Vedanta Quaterly Numbers Dips
Metals and mining major Vedanta Resources Plc today announced 31 per cent decline in revenues at $1.30 billion for the third quarter ended December 31, on sharp fall in metal prices amid deteriorating economic conditions.
The revenues of the London Stock Exchange-listed firm had been $1.88 billion in the same quarter last fiscal, the company said in a statement.
Impacted by inventory write-downs to the tune of $104 million, Vedanta's Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) dropped over 98 per cent to $10.1 million in third quarter this fiscal.
The earnings also suffered from negative provisional pricing adjustments of $47 million and currency translation losses of about $34 million.
Anil Agarwal-led Vedanta's EBITDA had stood at $671.5 million for the third quarter ended December in 2007.
Further, the record production volumes of zinc and aluminium and record sales of iron ore were primarily offset by steep falls in commodity prices as well as negative provisional pricing adjustments and write-down of inventories to their net realisable value, the statement said.
Vedanta's aluminium production in the third quarter was a record 122,000 tonnes, a 23 per cent increase over the corresponding quarter, primarily due to the ramp-up and stepped commissioning of the first phase of the 500,000 tonnes per annum (tpa) Jharsuguda aluminium smelter etc.
The revenues of the London Stock Exchange-listed firm had been $1.88 billion in the same quarter last fiscal, the company said in a statement.
Impacted by inventory write-downs to the tune of $104 million, Vedanta's Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) dropped over 98 per cent to $10.1 million in third quarter this fiscal.
The earnings also suffered from negative provisional pricing adjustments of $47 million and currency translation losses of about $34 million.
Anil Agarwal-led Vedanta's EBITDA had stood at $671.5 million for the third quarter ended December in 2007.
Further, the record production volumes of zinc and aluminium and record sales of iron ore were primarily offset by steep falls in commodity prices as well as negative provisional pricing adjustments and write-down of inventories to their net realisable value, the statement said.
Vedanta's aluminium production in the third quarter was a record 122,000 tonnes, a 23 per cent increase over the corresponding quarter, primarily due to the ramp-up and stepped commissioning of the first phase of the 500,000 tonnes per annum (tpa) Jharsuguda aluminium smelter etc.
Results - 28/01/09
Tata Communications today reported a three-fold growth in net profit at Rs 80.95 crore for the third quarter ended December 31, 2008, as compared to Rs 26.71 crore in the corresponding period a year ago
The revenue from telecommunication services rose 17 per cent to Rs 990.24 crore for the quarter under review, from Rs 846.71 crore in the same period last fiscal.
For the nine-month period ended December 2008, the company reported a 13.71 per cent dip in net profit at Rs 211.92 crore. The firm had a net profit of Rs 245.60 crore in the same period in FY08.
The revenues rose 16.62 per cent to Rs 2,837.35 crore in the nine month period, from Rs 2,433.06 crore in the same period last fiscal.
The revenue from telecommunication services rose 17 per cent to Rs 990.24 crore for the quarter under review, from Rs 846.71 crore in the same period last fiscal.
For the nine-month period ended December 2008, the company reported a 13.71 per cent dip in net profit at Rs 211.92 crore. The firm had a net profit of Rs 245.60 crore in the same period in FY08.
The revenues rose 16.62 per cent to Rs 2,837.35 crore in the nine month period, from Rs 2,433.06 crore in the same period last fiscal.
TA
Tata Communications today reported a three-fold growth in net profit at Rs 80.95 crore for the third quarter ended December 31, 2008, as compared to Rs 26.71 crore in the corresponding period a year ago
Fuel Price Cut
29/01/09
For the second time in as many months, the government today cut the prices of petrol by Rs 5 a litre and diesel by Rs 2 per litre, while the domestic LPG rate was also slashed by as much as Rs 25 per cylinder.
“The Cabinet Committee on Political Affairs headed by External Affairs Minister Pranab Mukherjee decided to reduce petrol, diesel and LPG prices to pass on the benefit of softening international oil prices to consumers,” Petroleum Minister Murli Deora told reporters here.
“The reduction will be effective from midnight tonight,” said Mukherjee.
“We are giving relief to housewives,” Railway Minister Lalu Prasad said pointing to the cut in the cooking gas price.
The oil marketing companies — Indian Oil (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) — are currently making profit of around Rs 2.50 on every litre of diesel they sell and around Rs 8 on every litre of petrol, even after the price cut last month. The three fuel retailers, however, still claim under-recoveries of around Rs 15 crore per day on LPG and kerosene sales. Another round of price cut might add to the under-recoveries. This might also affect expectations of a profitable Q4 for the companies. "At the current price level, we are making money (on fuel sales). If this remains, there are chances that we will make profits this quarter," Hindustan Petroleum Chairman and Managing Director Arun Balakrishnan had told Business Standard earlier this month.
For the second time in as many months, the government today cut the prices of petrol by Rs 5 a litre and diesel by Rs 2 per litre, while the domestic LPG rate was also slashed by as much as Rs 25 per cylinder.
“The Cabinet Committee on Political Affairs headed by External Affairs Minister Pranab Mukherjee decided to reduce petrol, diesel and LPG prices to pass on the benefit of softening international oil prices to consumers,” Petroleum Minister Murli Deora told reporters here.
“The reduction will be effective from midnight tonight,” said Mukherjee.
“We are giving relief to housewives,” Railway Minister Lalu Prasad said pointing to the cut in the cooking gas price.
The oil marketing companies — Indian Oil (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) — are currently making profit of around Rs 2.50 on every litre of diesel they sell and around Rs 8 on every litre of petrol, even after the price cut last month. The three fuel retailers, however, still claim under-recoveries of around Rs 15 crore per day on LPG and kerosene sales. Another round of price cut might add to the under-recoveries. This might also affect expectations of a profitable Q4 for the companies. "At the current price level, we are making money (on fuel sales). If this remains, there are chances that we will make profits this quarter," Hindustan Petroleum Chairman and Managing Director Arun Balakrishnan had told Business Standard earlier this month.
Tuesday, January 27, 2009
Money Advisor India
Our Motto
The MoneyAdvisorIndia is a Financial HELP Directory for aid in resolving questions related to money. Our goal is to provide the tools for consumers to make decisions about their finances. These free calculators and links to on-line government agencies and financial institutions provide timely and useful information.
The MoneyAdvisorIndia is not intended as a substitute for the judgments and advice of professionals. Each person's situation is unique and normally requires more than just raw numbers. By using these calculators and consulting the on-line links, users will be better able to understand their own financial situation and ask informed questions of their advisors.
The MoneyAdvisorIndia and its staff have made every attempt to verify the accuracy and completeness of the calculators and links but cannot guarantee them. The Referral List is intended to be only for licensed professionals; their qualifications and licenses as represented are presumed accurate and up-to-date.
.
The MoneyAdvisorIndia is a Financial HELP Directory for aid in resolving questions related to money. Our goal is to provide the tools for consumers to make decisions about their finances. These free calculators and links to on-line government agencies and financial institutions provide timely and useful information.
The MoneyAdvisorIndia is not intended as a substitute for the judgments and advice of professionals. Each person's situation is unique and normally requires more than just raw numbers. By using these calculators and consulting the on-line links, users will be better able to understand their own financial situation and ask informed questions of their advisors.
The MoneyAdvisorIndia and its staff have made every attempt to verify the accuracy and completeness of the calculators and links but cannot guarantee them. The Referral List is intended to be only for licensed professionals; their qualifications and licenses as represented are presumed accurate and up-to-date.
.
What Is Loan ?
Loans
A loan can help you get where you want to be sooner! If you need funds to cover a big purchase for a car, home renovation, wedding or even a holiday then why not apply for a loan? Get what you want now and pay your loan back over time.MoneyAdvisor.com brings you to the latest loan rates, information, news and independent advice so you can make the most of your finances. If you need more information about loan types check out our Loans 101 guide. We also have a handy loan calculator to help you figure out how much you can afford to borrow and what your loan repayments are.
Auto Loans
Is your old vehicle headed for the scrap heap? Or are you looking for something more modern or with more style? An auto loan can provide you with the extra cash you need to purchase a new or second hand car. Finding an auto loan with MoneyAdvisor will save you time and money. We search for auto loan providers the country over bringing you the top 4 providers based on your profile.Getting a loan couldn't be simpler. All you need to do is complete our form online, wait to be contacted by auto loan brokers and then choose the loan you want! Once you have your auto loan you can head to the car yard and take your pick!
A loan can help you get where you want to be sooner! If you need funds to cover a big purchase for a car, home renovation, wedding or even a holiday then why not apply for a loan? Get what you want now and pay your loan back over time.MoneyAdvisor.com brings you to the latest loan rates, information, news and independent advice so you can make the most of your finances. If you need more information about loan types check out our Loans 101 guide. We also have a handy loan calculator to help you figure out how much you can afford to borrow and what your loan repayments are.
Auto Loans
Is your old vehicle headed for the scrap heap? Or are you looking for something more modern or with more style? An auto loan can provide you with the extra cash you need to purchase a new or second hand car. Finding an auto loan with MoneyAdvisor will save you time and money. We search for auto loan providers the country over bringing you the top 4 providers based on your profile.Getting a loan couldn't be simpler. All you need to do is complete our form online, wait to be contacted by auto loan brokers and then choose the loan you want! Once you have your auto loan you can head to the car yard and take your pick!
Subscribe to:
Posts (Atom)
